Ferdia2010's Weblog

Gerard's blog

Boom to Bust and What do we do now ?

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Well all the news is about the economy and the financial crisis in the U.S.A. We are experiencing our own “meltdown” with the long predicted bubble bursting in the property sector. The government is experiencing a significant decline in revenue and according to the papers is to cut €1.5 billion in spending which is a heck of a slash. Generally I think they are making a panic reaction and are likely to make the recession worst and not better. Now is not the time to shed loads of staff from the public sector as this will add to the dole queues and will add to the negative feeling that grips the country. The government hasn’t prepared for the boom to end despite the fact that the property boom couldn’t last forever. Ok this all history now and we’re stuck, where do we go from here ?

My idea is that now is the time to raid the pension fund they are currently investing in Asia – Pacific and invest the money here and there is loads of work to be done, motorways to be built .. there really isn’t any ( well ok … Dublin to Portlaois ), railways that desperately need to be upgraded and all other forms of public transport. They could build a underground for Dublin and put trams into Cork and Limerick.

It would be a boost for the construction sector and would put the wheels turning again rather than starting a vicious circle.

Something has to be done about the competitiveness of Ireland and why goods sold here are so much more expensive than elsewhere. Also government charges for services water etc… seem to go up by at least 100 %, this needs to be sorted out. I think that Ireland faces a lot more competiton in the future, but if we start to put our house in order we’ll weather the storm. A good start would be to put the price tags back on goods sold in the shops.


Written by ferdia2010

September 30, 2008 at 12:28 am

Posted in Ireland Economy

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  1. […] Boom to Bust and What do we do now ? […]

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